Objectives Of Setting Up/Introducing A Cost Accounting System

May 15th, 2008 Comments off
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The following are some of the objectives of setting up a Cost Accounting System whether in a manufacturing or non manufacturing company:

1.0 Ascertainment of cost of each item

2.0 Determination of selling price of every item

3.0 Cost Control and Cost Reduction

4.0 Ascertainment of profit of each activity

5.0 Assisting management in decision making like establishing standards to check against deviations and highlight capacity utilization and efficiency

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Financial Accounting


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